Report Industry Investment Rating - No information provided Core View of the Report - The domestic LPG market is expected to continue its narrow - range oscillating trend. Although chemical demand is strong, the weak combustion demand restricts upward movement. International LPG prices are weak, and factors such as increased warehouse receipts and regional differences also affect the market [1] Summary by Relevant Catalogs 1. Price Data and Changes - From July 25 to July 31, 2025, the price of South China LPG decreased from 4500 to 4440 (-40), East China LPG remained at 4413, Shandong LPG decreased from 4630 to 4540 (-40), propane CFR South China increased from 549 to 550 (+5), propane CIF Japan increased from 514 to 555 (+28), MB propane spot decreased from 71 to 73 (-1), CP forecast contract price increased from 522 to 530 (+7), Shandong ether - after carbon four decreased from 4900 to 4910 (-20), Shandong alkylated oil decreased from 7980 to 7970 (-30), paper import profit decreased from -33 to -120 (-82), and the main basis increased from 453 to 437 (+9) [1] 2. Market Conditions on Thursday - The cheapest deliverable was East China civil gas at 4413. FEI oscillated, CP slightly declined, and the official CP prices for August were announced, with propane/butane at 520/490 respectively. PP prices dropped, and the production profits of FEI and CP for PP slightly weakened, with CP having a lower production cost than FEI. The PG futures weakened, the monthly spread slightly weakened, and the 09 - 10 spread was -438 (-13). The US - to - Far - East arbitrage window closed [1] 3. PG Market Conditions - The PG futures oscillated. International LPG prices were weak, and the significant increase in warehouse receipts suppressed the futures. Domestic chemical demand increased, but weak combustion demand restricted upward movement. The cheapest deliverable was East China civil gas at 4413 yuan/ton. The basis weakened to 370 (-63). The inter - month reverse spread continued to strengthen. The warehouse receipt registration volume was 9804 lots (+1000), with 1000 lots added by Qingdao Yunda. The overseas prices continued to weaken, and the oil - gas ratio weakened. In terms of regional spreads, PG - CP reached 43 (+18), FEI - MB reached 155 (-6), FEI - CP reached 4.5 (+4.5); the US - Asia arbitrage window closed [1] 4. Weekly View - The FEI propane discount continued to decline, and the CP landed discount oscillated. The change in FEI - MOPJ was small, with the latest at -47.5 (-3.75). PDH profits improved, and MTBE export profits declined. The arrival volume decreased significantly, with ships in South China delayed due to typhoons, and port inventories decreased. Factory inventories slightly increased. The commodity volume decreased by 0.53%. Chemical demand was strong; the PDH operating rate increased significantly to 73.13% (+2.01 pct) as Zhenhua Petrochemical and Hebei Haiwei gradually increased their loads. Next week, Liaoning Jinfa plans to resume operation; the alkylation operating rate increased, and Henan Chengxin's alkylation unit has a restart plan; the MTBE operating load increased, with manufacturers focusing on exports, and the overall operation was stable. Weak combustion demand restricted upward movement [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The domestic LPG market is expected to continue its narrow - range oscillatory trend. International LPG prices are weak, and the increase in domestic chemical demand is offset by the low combustion demand [1] 3. Summary by Relevant Catalog 3.1 Price Data - On July 29, 2025, the prices of South China LPG, East China LPG, Shandong LPG, Shandong ether - after carbon four, and Shandong alkylated oil were 4480, 4413, 4413, 4600, and 550 respectively. The daily changes were 0, 0, 0, - 20, and 1 respectively [1] 3.2 Market Conditions - The PG futures market is oscillating. The international LPG price is weak, and the significant increase in warehouse receipts suppresses the market. The domestic chemical demand is increasing, but the low combustion demand restricts the upward movement. The cheapest deliverable is East China civil gas at 4413 yuan/ton [1] 3.3 Spread and Arbitrage - The basis has weakened to 370 (- 63). The inter - month reverse spread continues to strengthen. The 08 - 09 spread is 2, and the 08 - 10 spread is - 398. The US - to - Far - East arbitrage window is closed [1] 3.4 Production Profit - FEI and CP have risen, PP has risen significantly, and the production profit of PP made from FEI and CP has deteriorated. The CP production cost is lower than that of FEI. PDH profit has improved, and MTBE export profit has declined [1] 3.5 Inventory and Supply - The arrival volume has decreased significantly. Due to typhoons, ships in South China are delayed, and port inventories have decreased. Factory inventories have slightly increased. The commodity volume has decreased by 0.53% [1] 3.6 Demand - Chemical demand is strong. PDH operating rate has increased significantly to 73.13% (+ 2.01 pct). Alkylation operating rate has increased, and MTBE operating load has risen [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On July 29, polysilicon prices stopped falling and rebounded. The main 2509 contract closed at 50,805 yuan/ton, with an intraday increase of 3.76%. The N-type recycled polysilicon material price rose to 46,500 yuan/ton, and the price of the lowest deliverable silicon material also reached 46,500 yuan/ton. The spot discount narrowed to 4,245 yuan/ton. Industrial silicon showed a strong oscillation. The main 2509 contract closed at 9,350 yuan/ton, with an intraday increase of 2.35%. The Baichuan industrial silicon spot reference price was 9,570 yuan/ton, down 277 yuan/ton from the previous trading day. The price of the lowest deliverable 421 grade dropped to 9,250 yuan/ton, and the spot premium narrowed to 255 yuan/ton. The Ministry of Industry and Information Technology re - emphasized consolidating the comprehensive governance results against excessive competition, highlighting the governance of key industries such as photovoltaics to force out backward production capacity through standard improvement. Polysilicon was boosted by the news and regained momentum. Industrial silicon was driven up by polysilicon and showed a strong performance. Currently, policies still support the market, but after the pre - speculative demand was realized, market sentiment cooled down, and there is insufficient momentum to reach new highs. After the exchange adjusted margins and handling fees, heavy - position chasing and killing should be avoided. Attention should be paid to the inter - month reverse spread space and PS/SI ratio arbitrage, as well as the resumption of production in the southwest region and policy progress [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased by 50 yuan/ton to 9,085 yuan/ton, and the near - month contract decreased by 130 yuan/ton to 8,995 yuan/ton. Most of the spot prices of different grades and in different regions declined. The current lowest deliverable price dropped by 150 yuan/ton to 9,250 yuan/ton, and the spot premium decreased by 20 yuan to 255 yuan/ton. The industrial silicon warehouse receipts decreased by 31 to 50,082, and the Guangzhou Futures Exchange inventory decreased by 3,415 tons to 248,550 tons. Other port and factory inventories remained stable [4]. - **Polysilicon**: The futures settlement price of the main contract increased by 1,400 yuan/ton to 50,805 yuan/ton, and the near - month contract increased by 1,340 yuan/ton to 50,745 yuan/ton. All spot prices increased, with the N - type granular silicon material rising by 10,000 yuan/ton to 44,000 yuan/ton. The current lowest deliverable price rose by 2,000 yuan/ton to 46,500 yuan/ton, and the spot discount narrowed by 660 yuan to 4,245 yuan/ton. The polysilicon warehouse receipts increased by 50 to 3,070, and the Guangzhou Futures Exchange inventory increased by 0.7 tons to 9.06 tons. The factory and social inventories remained unchanged [4]. - **Organic Silicon**: The DMC price in the East China market remained at 12,500 yuan/ton, the prices of raw rubber and 107 glue remained unchanged, and the price of dimethyl silicone oil increased by 1,500 yuan/ton to 14,500 yuan/ton [4]. - **Downstream Products**: Data on silicon wafers and battery cells were not available. 3.2 Chart Analysis 3.2.1 Industrial Silicon and Cost - end Prices - Charts show the prices of different grades of industrial silicon, price differences between grades and regions, as well as the prices of silicon stone, refined coal, and electricity [5][7][11]. 3.2.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][14][16]. 3.2.3 Inventory - Charts present the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, and changes in weekly inventory, as well as the weekly inventory of DMC and polysilicon [19][22]. 3.2.4 Cost - profit - Charts show the average cost and profit levels in major production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC and polysilicon [25][27][31]. 4. Team Introduction - Zhan Dapeng, a science master, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, a gold intermediate investment analyst, an excellent metals analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily and Securities Times. He has over a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. He is often interviewed by multiple media [33]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research [33]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel research [34].

Report Industry Investment Rating - Not provided Core View - The domestic LPG market is expected to continue a narrow - range oscillating trend. International LPG prices are weak, with a significant increase in warehouse receipts suppressing the market. Although domestic chemical demand is increasing, weak combustion demand restricts upward movement [1]. Summary by Relevant Content Price and Market Data - On Monday, the cheapest deliverable was East China civil LPG at 4413 yuan/ton. FEI and CP prices dropped, PP prices declined sharply, and the production profit of FEI and CP for PP worsened, with CP having a lower production cost than FEI. The PG market weakened, with the 08 - 09 spread at - 7 and the 08 - 10 spread at - 411. The US - to - Far East arbitrage window closed [1]. - The PG market oscillated. The basis weakened to 370 (-63), and the inter - month reverse spread continued to strengthen. Warehouse receipt registrations reached 9804 lots (+1000), with Qingdao Yunda adding 1000 lots. External market prices continued to weaken, and the oil - gas ratio declined [1]. Regional and Spread Data - In terms of regional spreads, PG - CP reached 43 (+18), FEI - MB was 155 (-6), FEI - CP was 4.5 (+4.5), and the US - Asia arbitrage window closed. FEI propane discount continued to fall, and the CP arrival discount oscillated. FEI - MOPJ changed little, at - 47.5 (-3.75) [1]. Profit and Demand Data - PDH profit improved, while MTBE export profit declined. The arrival volume decreased significantly. Chemical demand was strong; PDH operating rate increased significantly to 73.13% (+2.01 pct), and next week, Liaoning Jinfa plans to resume operation. Alkylation operating rate increased, and Henan Chengxin's alkylation unit has a restart plan. MTBE operating load increased, with manufacturers focusing on exports and overall stable operation. Combustion demand was weak [1].

Report Industry Investment Rating No relevant information provided. Core Views Oils and Fats - For palm oil, there is potential for the crude palm oil futures to break through previous highs, but beware of the risk of price pull - back around the MPOB report. The domestic Dalian palm oil futures may continue to rise in the short - term. For soybean oil, the US Senate's fiscal expenditure bill may boost consumption and support prices in the long - term, while the domestic soybean oil basis decline is limited due to import cost support [1]. Sugar - The increase in the ethanol blending ratio in Brazilian gasoline supports a small rebound in raw sugar prices, but the global supply surplus limits the rebound height. The domestic market may maintain a bullish sentiment in the short - term, but a bearish view is held after the rebound considering future imports [3]. Eggs - The national egg supply is sufficient, demand is general, and downstream procurement is cautious. Egg prices are expected to be stable first, then decline slightly in the short - term, and remain stable later [7]. Cotton - The short - term supply shortage of old - crop cotton is difficult to resolve, but the long - term supply is expected to be sufficient. The downstream industry is weakening, so cotton prices are likely to fluctuate within a range [10]. Meal - US soybeans are rebounding, and Brazilian soybean prices are rising. The domestic soybean and soybean meal inventories are increasing, and the basis is stable. The soybean meal market is currently bottom - grinding, and attention should be paid to the 2950 support level [12]. Corn - The spot price of corn is firm, but the futures price has declined due to import auctions. In the medium - term, the supply shortage and increasing consumption may support price increases. Short - term operations are recommended [14]. Pigs - The spot price of pigs is oscillating strongly. The market sentiment may be bullish in the short - term, but there is pressure on the 09 contract above 14,500 [18][19]. Summary by Related Catalogs Oils and Fats - **Futures and Spot Prices**: On July 2, soybean oil spot price was 8260, futures price (Y2509) was 8018; palm oil spot price (Guangdong 24 - degree) was 8460, futures price (P2509) was 8440; rapeseed oil spot price (Jiangsu fourth - grade) was 9730, futures price (OI509) was 9618 [1]. - **Basis and Spread**: The basis of soybean oil (Y2509) was 242, down 26; the basis of palm oil (P2509) was 20, down 74; the basis of rapeseed oil (OI509) was 111, down 42. The soybean oil 09 - 01 spread was 44, up 2; the palm oil 09 - 01 spread was - 10, up 14; the rapeseed oil 09 - 01 spread was 32.65% [1]. Sugar - **Futures and Spot Prices**: On July 2, the price of sugar 2601 was 5580, down 16; the price of sugar 2509 was 5766, down 9. The spot price in Nanning was 6070, down 20 [3]. - **Industry Data**: The cumulative national sugar production was 1116.21 million tons, up 119.89 million tons; the cumulative national sugar sales were 811.38 million tons, up 152.10 million tons [3]. Eggs - **Futures and Spot Prices**: On July 2, the price of the egg 09 contract was 3678, down 6; the price of the egg 08 contract was 3544, down 24. The egg产区 price was 2.60, unchanged [7]. - **Industry Data**: The price of day - old chicks was 4.00, unchanged; the price of culled hens was 4.62, up 0.18; the egg - feed ratio was 2.24, down 0.09; the breeding profit was - 33.26, down 5.38 [7]. Cotton - **Futures and Spot Prices**: On July 2, the price of cotton 2509 was 13805, up 60; the price of cotton 2601 was 13820, up 65. The ICE US cotton主力 price was 67.96, down 0.08 [10]. - **Industry Data**: The commercial inventory was 312.69 million tons, down 33.18 million tons; the industrial inventory was 93.01 million tons, down 1.10 million tons [10]. Meal - **Futures and Spot Prices**: On July 2, the price of soybean meal (Jiangsu) was 2840, unchanged; the price of soybean meal futures (M2509) was 2944, down 17. The price of rapeseed meal (Jiangsu) was 2470, down 20; the price of rapeseed meal futures (RM2509) was 2578, down 8 [12]. - **Industry Data**: The Brazilian 8 - month shipping schedule's import crushing profit was - 16, down 14.4%; the Canadian 11 - month shipping schedule's import crushing profit was 107, unchanged [12]. Corn - **Futures and Spot Prices**: On July 2, the price of corn 2509 was 2363, down 20; the price of corn starch 2509 was 2731, down 12 [14]. - **Industry Data**: The import profit of corn was 579, down 1; the import profit of corn starch was - 100, down 5 [14]. Pigs - **Futures and Spot Prices**: On July 2, the price of the pig 2511 contract was 13550, up 160; the price of the pig 2509 contract was 14340, up 475. The spot price in Henan was 15100, up 50 [18]. - **Industry Data**: The daily sample slaughter volume was 136895, down 1775; the weekly white - strip price was 20.43, up 0.1 [18].

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Oils and Fats - Palm oil may briefly surge upward after oscillating and consolidating, while Dalian palm oil futures may briefly dip to 8,200 yuan. For soybeans, the USDA quarterly report has limited impact on CBOT soybeans, and the market expects ample supply and future high yields, but the report may show a decrease in US soybean oil inventory at the end of May. Domestically, the demand for soybean oil is weak, inventories are increasing, and the decline in spot basis quotes is limited [1]. Corn - The overall bullish trend of corn remains unchanged, but the pace is slow. In the short - term, the spot price is generally stable, with the price in the Northeast remaining firm and that in North China showing local declines. In the long - term, the supply - demand gap supports the upward movement of corn prices. Attention should be paid to the wheat market and policy information [3]. Meal - Supported by US soybean oil, US soybeans strengthened last night. The USDA's new planting area report had a neutral impact. The technical support for US soybeans has increased, and the market is showing signs of stabilization. In China, the inventories of soybeans and soybean meal are rising, the basis is stable, and attention should be paid to the sustainability of demand. There are opportunities to buy at low points [6]. Livestock (Pigs) - The spot price of pigs has not escaped the oscillating pattern. The short - term sentiment may be strong, but the 09 contract is under pressure due to the postponed inventory of live pigs [8][9]. Sugar - The increase in the ethanol blending ratio in Brazilian gasoline supports a slight rebound in raw sugar prices, but the global supply is becoming more abundant, limiting the rebound. The domestic market may maintain a bullish sentiment for some time, but considering future imports, the market is expected to turn bearish after the rebound [12]. Cotton - The contradiction of tight old - crop inventory in the upstream supply cannot be resolved in the short term, but the long - term supply is expected to be sufficient. The downstream industry is weakening, and the demand is sluggish. Cotton prices are expected to maintain a range - bound pattern [13]. Eggs - The supply of eggs in China is sufficient, the demand is average, and downstream procurement is cautious. Egg prices are expected to be stable first, then decline slightly in the short term, and remain stable later [14]. Summary by Related Catalogs Oils and Fats - **Soybean Oil**: The spot price in Jiangsu was 8,240 yuan on July 1, unchanged from the previous day. The futures price of Y2509 was 7,972 yuan, down 0.15%. The basis was 268 yuan, up 4.69%. The warehouse receipts remained unchanged at 20,582 [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 8,430 yuan on July 1, up 0.36%. The futures price of P2509 was 8,336 yuan, up 0.07%. The basis was 94 yuan, up 34.29%. The import cost was 8,719.3 yuan, and the import profit was - 383 yuan [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 9,630 yuan on July 1, up 0.52%. The futures price of OI2509 was 9,477 yuan, up 0.66%. The basis was - 12 yuan, down 7.27% [1]. Corn - **Corn**: The flat - hatch price at Jinzhou Port was 2,383 yuan, up 0.21%. The 9 - 1 spread was 103 yuan, up 0.98%. The import profit was 580 yuan, up 3.52%. The number of remaining vehicles at Shandong deep - processing plants in the morning increased by 182.87% [3]. - **Corn Starch**: The futures price of corn starch 2509 was 2,743 yuan, up 0.37%. The basis was - 23 yuan, down 76.92%. The 9 - 1 spread was 65 yuan, up 8.33% [3]. Meal - **Soybean Meal**: The spot price in Jiangsu was 2,840 yuan, unchanged. The futures price of M2509 was 2,961 yuan, unchanged. The basis was - 121 yuan, unchanged. The import crushing profit for Brazilian soybeans in August was 111 yuan, up 3.7% [6]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,490 yuan, up 0.81%. The futures price of RM2509 was 2,586 yuan, up 0.54%. The basis was - 96 yuan, up 5.88%. The import crushing profit for Canadian rapeseed in November was 107 yuan, down 47.03% [6]. Livestock (Pigs) - **Futures**: The main contract price was 11,850 yuan, up 9.72%. The price of the 2507 contract was 13,935 yuan, up 0.61%, and that of the 2509 contract was 13,865 yuan, down 0.04%. The 7 - 9 spread was - 70 yuan, down 450% [8]. - **Spot**: The spot prices in various regions increased, with the price in Henan at 15,050 yuan, up 100 yuan; in Shandong at 15,250 yuan, up 150 yuan; etc. [8]. Sugar - **Futures**: The price of the 2601 contract was 5,596 yuan, down 0.57%. The price of the 2509 contract was 5,775 yuan, down 0.55%. The price of ICE raw sugar was 15.70 cents per pound, down 3.03% [12]. - **Spot**: The spot price in Nanning was 6,090 yuan, up 0.16%. The import cost of Brazilian sugar (in - quota) was 4,334 yuan, down 1.90% [12]. - **Industry**: The national sugar production increased by 12.03% year - on - year, and the sales increased by 23.07% [12]. Cotton - **Futures**: The price of the 2509 contract was 13,745 yuan, up 0.04%. The price of the 2601 contract was 13,755 yuan, down 0.04%. The price of ICE US cotton was 67.96 cents per pound, down 0.12% [13]. - **Spot**: The arrival price in Xinjiang was 15,187 yuan, up 0.46%. The CC Index 3128B was 15,212 yuan, up 0.38% [13]. - **Industry**: The inventory in the north decreased by 9.6% month - on - month, and the industrial inventory decreased by 1.2% [13]. Eggs - **Futures**: The price of the 09 contract was 3,684 yuan per 500 kg, down 0.14%. The price of the 08 contract was 3,568 yuan per 500 kg, up 0.06% [14]. - **Spot**: The egg price in the production area was 2.60 yuan per catty, down 1.43%. The base price was - 964 yuan per 500 kg, down 4.31% [14].

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - For the nickel variety, the supply shortage of nickel ore in Indonesia persists, and prices remain stable with strong cost support. However, the oversupply of refined nickel remains unchanged. It is expected to experience a weak oscillation in the near term, and the mid - to long - term strategy is to sell on rallies for hedging [3]. - For the stainless - steel variety, despite steel mill production cuts, overall demand is sluggish, leading to inventory accumulation. It is expected to oscillate downward in the near term, and the mid - to long - term strategy is also to sell on rallies for hedging [4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - On June 9, 2025, the main contract 2507 of Shanghai nickel opened at 122,280 yuan/ton and closed at 122,710 yuan/ton, a 0.47% change from the previous trading day's close. The trading volume was 115,890 lots, and the open interest was 76,246 lots [1]. - The main contract of Shanghai nickel rose rapidly in the night session, then oscillated and fell back to near the previous day's closing price. In the day session, it oscillated up to near the night - session high and then slightly declined, closing with a medium - sized positive candle. The trading volume increased, and the open interest decreased compared to the previous trading day [2]. - The shipping efficiency of the Surigao mining area in the Philippines has recovered well. Iron plants have implemented production cuts due to losses, weakening the demand for nickel ore. In Indonesia, the nickel ore supply shortage in the Sulawesi nickel mining area persists due to rainfall. The domestic trade benchmark price in June (Phase I) dropped by about $0.02, with a premium of +26 - 28, and the overall price was basically flat month - on - month [2][3][4]. - China's estimated refined nickel output in June is 37,345 tons, a 3.75% increase month - on - month. In the spot market, the morning quotation of Jinchuan nickel increased by about 500 yuan/ton compared to the previous trading day, while the quotations of mainstream brands decreased. The refined nickel spot trading was average, with the oversupply situation remaining unchanged but strong cost support at the bottom [2]. - The previous day's Shanghai nickel warehouse receipt volume was 21,192 (35.0) tons, and the LME nickel inventory was 199,092 (- 1,014) tons [2]. Strategy - Short - term: Range - bound operation. - Mid - to long - term: Sell on rallies for hedging. There are no specific strategies for inter - period, inter - variety, spot - futures, or options trading [3]. Stainless - steel Variety Market Analysis - On June 9, 2025, the main contract 2507 of stainless steel opened at 12,715 yuan/ton and closed at 12,655 yuan/ton. The trading volume was 107,364 lots, and the open interest was 146,067 lots [3]. - The main contract of stainless steel oscillated and fell to the previous low after a slight consolidation in the night session. In the day session, it dropped rapidly to a new low and then rebounded slightly, closing with a medium - sized negative candle. The trading volume and open interest increased compared to the previous trading day [3]. - Similar to the nickel situation, the shipping efficiency of the Surigao mining area in the Philippines has recovered well. Iron plants have cut production due to losses, weakening the demand for nickel ore. The nickel ore supply shortage in the Sulawesi nickel mining area in Indonesia persists due to rainfall [3][4]. - The domestic trade benchmark price in June (Phase I) dropped by about $0.02, with a premium of +26 - 28, and the overall price was basically flat month - on - month. The high - nickel iron price is 950 - 960 yuan/nickel, and some Indonesian iron plants have switched to high - grade nickel matte production [4]. - In the spot market, the stainless - steel futures price dropped slightly. The price limit of Tsingshan 304 hot - and cold - rolled products was lowered by 100 yuan, and traders' cold - rolled prices followed suit. The market had rigid demand for purchases, and the trading of low - price resources was average. The stainless - steel price in the Wuxi market was 13,050 yuan/ton, and in the Foshan market, it was also 13,050 yuan/ton. The 304/2B premium was 465 - 665 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 2.00 yuan/nickel point to 949.0 yuan/nickel point [4]. Strategy - Short - term: Neutral. - Mid - to long - term: Sell on rallies for hedging. There are no specific strategies for inter - period, inter - variety, spot - futures, or options trading [4].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For industrial silicon, the spot price is continuously hitting new lows, with an expected increase in supply, no bright spots on the consumption side, and significant inventory and warehouse receipt pressure. The price is approaching historical lows, and most enterprises face high cost pressure. Attention should be paid to the changes in upstream production after continuous price declines and the impact of relevant industry policies [2][3]. - For polysilicon, the spot price is weak, recent trading volume is low, and the futures market shows wide - range fluctuations. The acceleration of warehouse receipt registration requires attention to its impact on the market [5][7]. 3. Summary by Directory Industrial Silicon - **Market Analysis** - On May 21, 2025, the industrial silicon futures price continued to reach new lows. The main contract 2507 opened at 7,980 yuan/ton and closed at 7,865 yuan/ton, a change of - 140 yuan/ton (-1.75%) from the previous settlement. The position of the main contract 2505 was 192,802 lots at the close, and the total number of warehouse receipts on May 21 was 65,653 lots, a decrease of 596 lots from the previous day [2]. - The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 8,600 - 8,800 (-100) yuan/ton; 421 silicon was 9,400 - 9,800 (-100) yuan/ton. The price of Xinjiang oxygen - passing 553 silicon was 8,000 - 8,200 (0) yuan/ton, and 99 silicon was 8,000 - 8,200 (0) yuan/ton. Some silicon prices in Kunming, Huangpu Port, Tianjin, Sichuan, Shanghai, and the northwest region continued to decline, while the silicon price in Xinjiang remained stable, and the price of 97 silicon also remained stable [2]. - The organic silicon DMC was quoted at 11,300 - 11,600 (0) yuan/ton. In the organic silicon market, the prices of raw rubber and D4 showed mixed trends. With the arrival of the recent trading window period, the downstream demand for raw rubber increased rapidly, and the trading was good. However, due to the weak demand for room - temperature rubber, the overall trading of D4 was average [2]. - **Strategy** - Given the current situation, attention should be paid to the changes in upstream production after continuous price declines and the impact of relevant industry policies [3]. Polysilicon - **Market Analysis** - On May 21, 2025, the main contract 2507 of polysilicon futures fluctuated widely, opening at 35,630 yuan/ton and closing at 35,860 yuan/ton, a 0.93% change from the previous trading day. The position of the main contract reached 73,488 (70,536 in the previous trading day) lots, and the trading volume was 157,225 lots [5]. - The spot price of polysilicon remained stable. The re - feeding material was quoted at 32.00 - 35.00 (-0.50) yuan/kg; dense material was 30.00 - 34.00 (-1.00) yuan/kg; cauliflower material was 29.00 - 31.00 (-1.00) yuan/kg; granular silicon was 32.00 - 33.00 (-0.50) yuan/kg, N - type material was 35.00 - 38.00 (-1.00) yuan/kg, and N - type granular silicon was 33.00 - 35.00 (0.00) yuan/kg. The inventory of polysilicon manufacturers decreased, while the inventory of silicon wafers increased. The latest polysilicon inventory was 25.00 (a month - on - month change of - 2.27%), the silicon wafer inventory was 19.44GW (a month - on - month increase of 7.22%), the weekly polysilicon output was 21,400.00 tons (a month - on - month change of 0.00%), and the silicon wafer output was 12.42GW (a month - on - month increase of 0.50%) [5]. - The prices of silicon wafers, battery cells, and components remained stable. For example, the domestic N - type 18Xmm silicon wafer was 0.94 (0.00) yuan/piece, and the efficient PERC182 battery cell was 0.29 (0.00) yuan/W [5][7]. - The registration of warehouse receipts has accelerated recently, with 310 new lots added on that day, and the total warehouse receipts reached 450 lots [7]. - **Strategy** - For single - side trading, use range - bound operations, and upstream enterprises should sell hedging when the price is high. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [6][7].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report On May 20, polysilicon showed a weak oscillating trend, with the main contract 2506 closing at 35,625 yuan/ton, a daily decline of 0.99%, and an increase in positions by 7,474 lots to 70,536 lots. The price of SMM N-type polysilicon material dropped to 37,500 yuan/ton, and the spot premium over the main contract widened to 975 yuan/ton. Industrial silicon fell below the 8,000-yuan mark, with the main contract 2506 closing at 7,910 yuan/ton, a daily decline of 2.53%, and a decrease in positions by 10,324 lots to 64,706 lots. The reference price of Baichuan industrial silicon spot decreased by 73 yuan/ton to 9,412 yuan/ton, and the price of the lowest deliverable 553 grade dropped to 8,100 yuan/ton, with the spot premium widening to 95 yuan/ton. Leading silicon factories in Xinjiang have actively cut production, and the industry is calling for joint production cuts, which will temporarily relieve the supply pressure. However, due to the lack of a reversal driver in demand and the suppression of warehouse receipt pressure, a defensive short strategy is recommended. Polysilicon is facing a structural contradiction between a shortage in near-term delivery and a rapid loss of demand. After the squeezing pressure on the main contract ends, it is inevitable for the price to weaken, and the rebound height will be lower than before [2]. 3. Summary by Directory Research View - On May 20, polysilicon and industrial silicon prices both declined. The main polysilicon contract 2506 closed at 35,625 yuan/ton, down 0.99% for the day, while the main industrial silicon contract 2506 closed at 7,910 yuan/ton, down 2.53% for the day [2]. - Leading silicon factories in Xinjiang have actively cut production, and the industry is calling for joint production cuts, which will temporarily relieve the supply pressure. However, demand lacks a reversal driver, and warehouse receipt pressure is suppressing prices. A defensive short strategy is recommended [2]. - Polysilicon is facing a structural contradiction between a shortage in near-term delivery and a rapid loss of demand. After the squeezing pressure on the main contract ends, it is inevitable for the price to weaken, and the rebound height will be lower than before [2]. Daily Data Monitoring - **Industrial Silicon**: The futures settlement prices of the main and near-month contracts decreased by 140 yuan/ton and 110 yuan/ton respectively. The spot prices of various grades of industrial silicon also declined, with the largest decrease of 150 yuan/ton. The current lowest deliverable price dropped by 100 yuan/ton, and the spot premium widened by 10 yuan/ton [4]. - **Polysilicon**: The futures settlement prices of the main and near-month contracts decreased by 1,525 yuan/ton and 625 yuan/ton respectively. The spot prices of N-type polysilicon material and dense material/single crystal use decreased by 500 yuan/ton and 1,000 yuan/ton respectively. The current lowest deliverable price dropped by 500 yuan/ton, and the spot premium widened by 125 yuan/ton [4]. - **Organic Silicon**: The price of DMC in the East China market remained unchanged at 12,000 yuan/ton, while the price of dimethyl silicone oil increased by 2,200 yuan/ton to 15,000 yuan/ton [4]. - **Downstream Products**: The prices of silicon wafers and battery cells remained unchanged. The industrial silicon warehouse receipts remained unchanged at 66,097 lots, while the Guangzhou Futures Exchange inventory decreased by 4,770 tons to 331,920 tons. The polysilicon warehouse receipts remained unchanged at 90 lots, while the Guangzhou Futures Exchange inventory increased by 210,000 tons to 270,000 tons [4]. Chart Analysis - **Industrial Silicon and Cost Side Prices**: The report includes charts showing the prices of various grades of industrial silicon, price differentials between grades and regions, electricity prices, silica prices, and silicon coal prices [5][7][10]. - **Downstream Product Prices**: The report includes charts showing the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][17][19]. - **Inventory**: The report includes charts showing the inventory of industrial silicon futures, factory warehouses, and the weekly industry inventory, as well as the inventory of DMC and polysilicon [22][23][26]. - **Cost and Profit**: The report includes charts showing the average cost and profit levels of main production areas, the weekly cost and profit of industrial silicon, the profit of the aluminum alloy processing industry, the cost and profit of DMC, and the cost and profit of polysilicon [29][31][37]. Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi, who have extensive experience in commodity research and provide services to many leading spot enterprises [39][40].

1. Report Industry Investment Rating - No relevant information provided in the given content 2. Core View of the Report - The export volume of Malaysian palm oil from May 1 - 10 decreased by 9% compared to the same period last month, and the palm oil market is affected by the entry into the production - increasing season, with a weakening fundamental situation compared to other oils. The export situation of US soybeans is still under pressure, and the domestic supply of soybeans and soybean meal in the second quarter is expected to be sufficient, which will continue to put pressure on the price. [3] 3. Summary by Relevant Content 3.1 Domestic Futures Market - **Futures Price Changes**: The previous day's closing prices of domestic futures such as soybean oil, palm oil, and others are presented, along with their price changes and percentage changes. For example, the soybean oil main contract closed at 7786, with a price increase of 26 and a percentage increase of 0.34%. [2] - **Spread and Ratio - Spread**: The current and previous values of spreads and ratio - spreads for various futures are given, such as the Y9 - 1 spread of soybean oil being 54 currently and 62 previously. [2] 3.2 International Futures Market - **Futures Price Changes**: The previous day's closing prices, price changes, and percentage changes of international futures like BMD palm oil, CBOT soybeans, etc. are provided. For instance, BMD palm oil closed at 3795 ringgit/ton, with a price decrease of 94 and a percentage decrease of - 2.42%. [2] 3.3 Domestic Spot Market - **Spot Price and Basis**: The current spot prices, percentage changes, and spot basis of domestic products such as Tianjin first - grade soybean oil, Guangzhou 24° palm oil, etc. are shown. For example, the current price of Tianjin first - grade soybean oil is 8180, with a percentage increase of 0.12% and a spot basis of 394. [2] - **Spot Spread**: The current and previous values of spot spreads between different products are presented, like the spread between Guangzhou first - grade soybean oil and 24° palm oil being - 480 currently and - 550 previously. [2] 3.4 Import and Crushing Profit - The current and previous values of import and crushing profits for products such as Malaysian palm oil, US Gulf soybeans, etc. are given. For example, the current import and crushing profit of near - month Malaysian palm oil is - 769, and the previous value was - 838. [2] 3.5 Warehouse Receipts - The current and previous values of warehouse receipts for futures such as soybean oil, palm oil, etc. are provided. For example, the current warehouse receipt of soybean oil is 5,355, and the previous value was also 5,355. [2] 3.6 Industry Information and Comment - **Industry Information**: Malaysian palm oil export volume from May 1 - 10 decreased by 9% compared to the same period last month, and a US private exporter reported a sale of 120,000 tons of soybeans to Pakistan. [3] - **Protein Meal Comment**: The night - session soybean meal was weak. Before the substantial adjustment of tariffs, the export situation of US soybeans is still under pressure. The domestic soybean meal supply is expected to be sufficient in the second quarter, which will put pressure on prices. [3] - **Oil Comment**: The night - session soybean and palm oils were weakly volatile, while rapeseed oil was strongly volatile. The domestic short - term supply of soy - based oils is tight, but the supply of imported soybeans in the second quarter is sufficient. The fundamental situation of palm oil is weaker than that of other oils. [3]